TerraPay and Instant Cash have teamed up to enable real-time cross border money transfers to mobile wallets in Nigeria, Tanzania and Uganda. Powered by TerraPay’s global clearing and settlement service for mobile wallets, the partnership will make cross-border money transfer faster and convenient for the migrants. Instant Cash’s global agent network expanded their service offerings by offering cross-border transfers to mobile wallets, which is powering growth in many emerging markets.
In the initial rollout, TerraPay has enabled Instant Cash customers to send remittances to mobile wallets in Nigeria, Tanzania and Uganda. In Nigeria, migrants can send money to any mobile number as well as bank accounts. In Tanzania, migrants will be able to send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets. In Uganda, the friends and families of the migrants can receive money in their MTN and Airtel Money wallets. The service is expected to expand shortly in other countries in Africa which have a very high adoption of mobile money.